New York State Teachers Retirement System Boosts Holdings in CubeSmart (NYSE:CUBE)

New York State Teachers Retirement System lifted its stake in CubeSmart (NYSE:CUBE) by 4.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 156,415 shares of the real estate investment trust’s stock after buying an additional 6,331 shares during the quarter. New York State Teachers Retirement System’s holdings in CubeSmart were worth $8,420,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Twin Tree Management LP raised its position in shares of CubeSmart by 29,720.5% in the 1st quarter. Twin Tree Management LP now owns 11,630 shares of the real estate investment trust’s stock worth $526,000 after purchasing an additional 11,591 shares during the last quarter. Tidal Investments LLC raised its position in shares of CubeSmart by 32.6% in the 1st quarter. Tidal Investments LLC now owns 89,342 shares of the real estate investment trust’s stock worth $4,040,000 after purchasing an additional 21,967 shares during the last quarter. Boston Trust Walden Corp raised its position in shares of CubeSmart by 2.7% in the 2nd quarter. Boston Trust Walden Corp now owns 884,374 shares of the real estate investment trust’s stock worth $39,947,000 after purchasing an additional 23,179 shares during the last quarter. PGGM Investments raised its position in shares of CubeSmart by 7.3% in the 2nd quarter. PGGM Investments now owns 868,769 shares of the real estate investment trust’s stock worth $39,242,000 after purchasing an additional 59,020 shares during the last quarter. Finally, TimesSquare Capital Management LLC purchased a new position in shares of CubeSmart in the 1st quarter worth about $48,716,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Insider Activity at CubeSmart

In related news, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now directly owns 87,663 shares in the company, valued at $4,205,194.11. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.68% of the stock is currently owned by corporate insiders.

CubeSmart Trading Down 1.1 %

CubeSmart stock opened at $47.33 on Monday. The business has a 50-day simple moving average of $51.36 and a two-hundred day simple moving average of $47.11. The company has a market cap of $10.66 billion, a P/E ratio of 26.74, a P/E/G ratio of 8.73 and a beta of 0.84. CubeSmart has a 52-week low of $34.51 and a 52-week high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.66 earnings per share. Analysts predict that CubeSmart will post 2.65 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CUBE shares. Evercore ISI lifted their price target on CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Scotiabank started coverage on CubeSmart in a research report on Thursday, August 22nd. They issued a “sector outperform” rating and a $53.00 target price for the company. Barclays decreased their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Royal Bank of Canada started coverage on CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 target price for the company. Finally, Raymond James boosted their target price on CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, CubeSmart has an average rating of “Hold” and an average price target of $51.73.

CubeSmart Company Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.